Oregon Exports, Quick Update

A quick follow-up on the current state of Oregon exports. As The Oregonian writes exports are down so far in 2012. The following is a slide our office has been using in discussions with the Governor’s Council of Economic Advisors and clearly shows the global slowdown in economic activity and trade has impacted Oregon’s figures.

Trade with our key Asian partners is flat or down. Exports to China and Malaysia have declined for the past year and a half and are almost completely driven by Computer and Electronic Products. Exports to South Korea have held up due to wheat exports and some high technology. Canadian exports continue their rebound from the recession and are largely driven by machinery and equipment. Lastly, the difference between Eurozone and Other Europe is striking. As the Euro depreciates it makes other European currencies stronger which in turn makes American imports cheaper. We have seen a sizable boost in exports to non-Eurozone countries as their currencies are largely appreciating. As the Eurozone’s recession (depression?) continues and economic activity declines, exports from Oregon are falling too. Oregon’s direct trade with Europe is small, however the global slowdown, particularly in manfucturing, is being felt throughout the data.